CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 03, 2021 03:50 PM (EST)
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) for Rutgers Casualty Insurance Company and American European Insurance Company, which operate an intercompany reinsurance pooling agreement, and are collectively known as AEIG or the group. Both companies are headquartered in Cherry Hill, NJ.
These Credit Ratings (ratings) reflect AEIG’s balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
The positive outlooks reflect improvements in the group’s balance sheet strength in recent years, including a material increase in the level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR).
Positive rating action may occur with continued improvements to factors favorably impacting AEIG’s balance sheet strength. Negative rating action may occur if a sudden large or catastrophe loss event materially hinders its risk-adjusted capitalization. Negative rating action may also occur if there is a deterioration in AEIG’s underwriting results or operating performance.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.